EURAUD Buy Mean Reversion Trading
Updated
Price is overextended and I am entering a Buy market.
Stochastics 20,1,1 shows extreme overselling. I think that trading is a logic game. You cannot go against the grain, otherwise you will realise very quickly that you will have a tough time cutting the meat.
As my previous entry on TradingView, I also entered on a mean reversion trade and I am just testing things out. If this particular market sells fish, don't come in with vegetable and expect to get accepted or even have anything sold. And also, understand who the people that come to this particular market operate as. Are they housewives coming to buy only a meal or two's worth of groceries? Or are they businesses that buy and sell to those housewives at their respective markets?
Know your role, and choose your role. However, you also must have the capital to start the business you choose to do. If you wanna be the one selling to the businesses who supplies the fishes to housewives, you better have the money and knowledge to get yourself a spot at the b2b fish market.
Otherwise, you can be a scalper who goes to the b2b market and buys fish and sell them to housewives.
You can't be greedy though, because fishes expire fast. If you are too greedy, you will realise that you have a bunch of rotten fishes which you could at least have suntanned them to make salted fish before they rot.
Stochastics 20,1,1 shows extreme overselling. I think that trading is a logic game. You cannot go against the grain, otherwise you will realise very quickly that you will have a tough time cutting the meat.
As my previous entry on TradingView, I also entered on a mean reversion trade and I am just testing things out. If this particular market sells fish, don't come in with vegetable and expect to get accepted or even have anything sold. And also, understand who the people that come to this particular market operate as. Are they housewives coming to buy only a meal or two's worth of groceries? Or are they businesses that buy and sell to those housewives at their respective markets?
Know your role, and choose your role. However, you also must have the capital to start the business you choose to do. If you wanna be the one selling to the businesses who supplies the fishes to housewives, you better have the money and knowledge to get yourself a spot at the b2b fish market.
Otherwise, you can be a scalper who goes to the b2b market and buys fish and sell them to housewives.
You can't be greedy though, because fishes expire fast. If you are too greedy, you will realise that you have a bunch of rotten fishes which you could at least have suntanned them to make salted fish before they rot.
Trade closed manually
Exited for 0.01R Breakeven, and 0.1R commission. = -0.1R loss.
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